Defining Marketing
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The first things that cross people minds when introduced to marketing are the advertising and selling functions of marketing. But that is just the popular belief. Marketing has a lot more functions in a company’s existence than to introduce and sell a new product. The American Marketing Association offers the following formal definition: Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.( Marketing academics @ AMA) I believe that marketing is the willingness of a company to find the right product that the customers needs, at the most convenient price for customer while still reaching the company’s goal on making profit. In his book “Marketing Management”, Philip Kotler stated that “marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others”.
Nowadays marketing is getting recognized as one of the most important activities in a company’s success. If the marketing does its research well and the promoted product reaches the right segment of the market then the company will register success. If the product is good but the marketing campaign does not reach the right target then a failure might be registered and the product may not survive on the market for a long time.
Marketing involves doing market research on customers, analyzing their needs, making strategic decisions about product design, pricing,